CHICAGO, Oct 9 (Reuters) - Crop forecaster Lanworth on Wednesday raised its estimate on the size of 2013/14 world corn and soybean crops due to bigger-than-expected yields from the U.S. harvest.
Lanworth said it expects world corn production to reach 953 million tonnes, up from its previous outlook of 949 million. It boosted its estimate of the global soybean crop by 2 million tonnes to 286 million.
In the United States, Lanworth said it expected a corn crop of 13.708 billion bushels, up from its previous outlook of 13.483 billion. It raised its U.S. soybean harvest estimate to 3.160 billion bushels from 3.112 billion.
“Early harvested corn yields reported by elevator operators in Illinois and Indiana imply state level yields at 178 and 174 bushels per acre-at or near record high levels,” Lanworth said in a report.
Yield reports from Kansas, Minnesota, Ohio, and Wisconsin also were topping expectations.
For soybeans, Lanworth’s raised expectations were due to increases in yield projections in Michigan, Nebraska, South Dakota and Illinois.
Lanworth is part of Thomson Reuters Commodities Research and Forecasts. A Lanworth spokesman said the reported estimates are the midpoints of confidence ranges.
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